Gold - Daily technical Forecast

By IBT Staff Reporter On 07/19/10 AT 2:28 AM

Gold closed lower on Friday and below the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible near-term. If it resumes the decline off June's high, the 38% retracement level of this year's rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted.